{"id":779862,"date":"2026-07-04T13:36:31","date_gmt":"2026-07-04T13:36:31","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/779862\/"},"modified":"2026-07-04T13:36:31","modified_gmt":"2026-07-04T13:36:31","slug":"massive-metro-vancouver-oil-terminal-proposed-for-new-alberta-pipeline-daily-hive","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/779862\/","title":{"rendered":"Massive Metro Vancouver oil terminal proposed for new Alberta pipeline | Daily Hive"},"content":{"rendered":"<p>On Thursday, Prime Minister Mark Carney announced the <a href=\"https:\/\/dailyhive.com\/vancouver\/bc-alberta-canada-new-oil-pipeline-agreement\" target=\"_blank\" rel=\"nofollow noopener\">new Canada-British Columbia Cooperative Prosperity Agreement with the Government of British Columbi<\/a>a, a broad economic investment and infrastructure strategy that includes major federal funding commitments for several projects of major significance to B.C.<\/p>\n<p>This includes Premier David Eby\u2019s B.C. government now committing to work with the federal and Alberta governments on negotiations for Alberta\u2019s proposal to build a new crude oil pipeline to the B.C. coast to reach overseas export markets and reduce the current dependence on the United States. Under the agreement, the B.C. government will discuss routing and permitting in \u201cgood faith.\u201d<\/p>\n<p>In exchange, the federal and B.C. governments have agreed to negotiate a legally binding economic and revenue framework based on the principle that B.C. must \u201cshare meaningfully in the economic upside of the project.\u201d This includes providing the B.C. government with a sizeable share of the project\u2019s ongoing revenues.<\/p>\n<p>There would also be enhanced proactive and reactive measures and strategies for environmental impacts and especially spills, while the federal North Coast tanker ban would remain in place \u2014 a key condition for Premier Eby.<\/p>\n<p>Later that day, the Prime Minister made a separate announcement reaffirming the federal government\u2019s partnership with the Alberta government to advance the new oil pipeline.<\/p>\n<p>At the same time as Carney\u2019s second announcement of the day on the pipeline project, Alberta Premier Danielle Smith also made a separate announcement. Her provincial government stated that after preliminary technical planning and analysis over the past year, it has determined the best route for the pipeline would be to follow the existing corridor between Alberta and B.C.\u2019s Lower Mainland established by the federally-owned Trans Mountain Pipeline.<\/p>\n<p>She also announced that Trans Mountain Corporation and Pembina Pipeline Corporation have joined as partners to design, build, and operate the project. Trans Mountain will serve as the lead project proponent, responsible for construction, the regulatory process, consultation, and construction. The federal government through Trans Mountain and the Alberta government through the Alberta Petroleum Marketing Commission will have majority ownership of the project, while Pembina will own 10 per cent, with up to an additional 10 per cent once the project is operational.<\/p>\n<p>To date, the Alberta government has spent C$18.3 million on planning and analysis work for this new pipeline project.<\/p>\n<p>\u201cCanada has everything it needs to become an energy superpower, but only if we build the infrastructure to get our resources to market. Alberta has done its part by putting forward a responsible, world-class proposal and selecting the strongest route to Canada\u2019s West Coast,\u201d said Smith in a statement.<\/p>\n<p>\u201cA West Coast oil pipeline will create tens of thousands of jobs, generate tens of billions in new provincial and federal revenues and make Canada more secure and self-reliant. This project will define Alberta\u2019s and Canada\u2019s economic future.\u201d<\/p>\n<p><img alt=\"keystone xl\" title=\"\" loading=\"lazy\" width=\"1075\" height=\"550\" decoding=\"async\" data-nimg=\"1\" class=\"wp-image-1365059 size-full\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/shutterstock_1674733075.jpg\"\/><\/p>\n<p id=\"caption-attachment-1365059\" class=\"wp-caption-text\">Flatcar loaded with pipe destined for use on the Trans Mountain Pipeline expansion. (Bruce Raynor\/Shutterstock)<\/p>\n<p><img alt=\"canadians\" title=\"\" loading=\"lazy\" width=\"1000\" height=\"553\" decoding=\"async\" data-nimg=\"1\" class=\"wp-image-89473\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/1428509783-1428224414-dsc-0862-e1523563229875.jpg\"\/><\/p>\n<p id=\"caption-attachment-89473\" class=\"wp-caption-text\">Construction work for the Trans Mountain Pipeline expansion. (Trans Mountain Corporation)<\/p>\n<p>Two route options within B.C.\u2019s Fraser Valley and Metro Vancouver areas<\/p>\n<p>With the federal North Coast tanker ban remaining in place, the only potential route options for the pipeline would be toward southwestern B.C.<\/p>\n<p>Within Alberta, the new pipeline would begin in Bruderheim, northeast of Edmonton. At this location, a new receipt terminal would collect crude oil from various oil sands pipelines in the province, serving as a central hub where the product would be measured, stored, and then pumped into the pipeline.<\/p>\n<p>The proposed route of the new pipeline would generally follow the existing Trans Mountain Pipeline for much of its length, particularly from Wabamun (just west of Edmonton) and Hope (at the eastern edge of B.C.\u2019s Lower Mainland).<\/p>\n<p>\u201cThe routing prioritizes co-location abutting or near the Trans Mountain pipeline system right-of-way, where practicable, leveraging existing corridor knowledge, historical land use, and developed access infrastructure. The alignment reflects a deliberate approach to maximize use of previous disturbances and linear infrastructure, thereby reducing the need for new greenfield routing where feasible,\u201d reads the Alberta government\u2019s project submission to the federal government this week.<\/p>\n<p><img alt=\"Roberts Bank Delivery Tank Terminal oil delta tsawwassen \" title=\"\" loading=\"lazy\" width=\"1100\" height=\"749\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-2290393\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/Roberts-Bank-Delivery-Tank-Terminal-oil-delta-tsawwassen-4.jpg\"\/><\/p>\n<p id=\"caption-attachment-2290393\" class=\"wp-caption-text\">Potential route options for the new Alberta-B.C. West Coast oil pipeline to reach the new Roberts Bank marine terminal, largely following the Trans Mountain corridor. (Government of Alberta)<\/p>\n<p><img alt=\"Roberts Bank Delivery Tank Terminal oil delta tsawwassen \" title=\"\" loading=\"lazy\" width=\"1100\" height=\"718\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-2290394\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/Roberts-Bank-Delivery-Tank-Terminal-oil-delta-tsawwassen-3.jpg\"\/><\/p>\n<p id=\"caption-attachment-2290394\" class=\"wp-caption-text\">Potential route options for the new Alberta-B.C. West Coast oil pipeline to reach the new Roberts Bank marine terminal, largely following the Trans Mountain corridor. (Government of Alberta)<\/p>\n<p>A brand-new, five-km-long Tsawwassen causeway for a 640-acre oil export terminal<\/p>\n<p>Within the Lower Mainland, the new pipeline would terminate at a brand-new, massive export terminal facility at the southwest corner of Metro Vancouver \u2014 at Tsawwassen in Delta, in the Fraser River estuary \u2014 as a significant addition to the cluster of port facilities and other major infrastructure already located at Roberts Bank.<\/p>\n<p>This means it would not follow the Trans Mountain Pipeline to the <a href=\"https:\/\/dailyhive.com\/vancouver\/burrard-inlet-second-narrows-dredging-vancouver-oil-tanker\" target=\"_blank\" rel=\"nofollow noopener\">existing Westridge Marine Terminal export facility, which is highly constrained by its location in Burrard Inlet in Burnaby<\/a>.<\/p>\n<p>West of Hope, within the Lower Mainland, there are two different route options for the new pipeline to reach the new Roberts Bank Delivery Tank Terminal, with both options generally running through the southern areas of the region.<\/p>\n<p>The \u201cOriginal Corridor\u201d route option west of Hope runs toward Bridal Falls, through Cultus Lake, and then parallel to the Canada-U.S. border through the remainder of the Fraser Valley and Metro Vancouver to reach the new Roberts Bank terminal. From end to end, beginning at the receipt terminal near Edmonton, the new pipeline using this Original Corridor option would span 1,246 km.<\/p>\n<p>The alternative \u201cOptimized Corridor\u201d option takes a partial northern route within the Lower Mainland from west of Hope to Mission, then south through Langley. From end to end, the new pipeline using this route would be slightly shorter at 1,211 km \u2014 about 35 km shorter than the Original Corridor.<\/p>\n<p>There are different advantages and tradeoffs between the Original Corridor and Optimized Corridor, including varying lengths of segments running through protected agricultural areas, recreational areas, and urban areas.<\/p>\n<p>At Roberts Bank, the new export port terminal facility would be exponentially larger than the existing Roberts Bank port terminal facilities. Notably, it would also not use the existing Roberts Bank causeway.<\/p>\n<p><img alt=\"westridge marine terminal burrard inlet burnaby trans mountain pipeline \" title=\"\" loading=\"lazy\" width=\"2048\" height=\"1365\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-2290398\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/westridge-marine-terminal-burrard-inlet-burnaby-trans-mountain-pipeline-f.jpg\"\/><\/p>\n<p id=\"caption-attachment-2290398\" class=\"wp-caption-text\">Trans Mountain Pipeline\u2019s oil export facility of Westridge Marine Terminal, located at Burrard Inlet in Burnaby. (Trans Mountain Corporation)<\/p>\n<p><img alt=\"westridge marine terminal burrard inlet burnaby trans mountain pipeline \" title=\"\" loading=\"lazy\" width=\"1100\" height=\"619\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-2290399\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/westridge-marine-terminal-burrard-inlet-burnaby-trans-mountain-pipeline-1.jpg\"\/><\/p>\n<p id=\"caption-attachment-2290399\" class=\"wp-caption-text\">Trans Mountain Pipeline\u2019s oil export facility of Westridge Marine Terminal, located at Burrard Inlet in Burnaby. (Trans Mountain Corporation)<\/p>\n<p><img alt=\"Roberts Bank Delivery Tank Terminal oil delta tsawwassen \" title=\"\" loading=\"lazy\" width=\"1000\" height=\"371\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-2290391\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/Roberts-Bank-Delivery-Tank-Terminal-oil-delta-tsawwassen-1.jpg\"\/><\/p>\n<p id=\"caption-attachment-2290391\" class=\"wp-caption-text\">Potential concept of the Roberts Bank Delivery Tank Terminal for the new Alberta-B.C. West Coast oil pipeline. (Government of Alberta)<\/p>\n<p><img alt=\"Roberts Bank Delivery Tank Terminal oil delta tsawwassen \" title=\"\" loading=\"lazy\" width=\"1000\" height=\"653\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-2290396\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/Roberts-Bank-Delivery-Tank-Terminal-oil-delta-tsawwassen-2.jpg\"\/><\/p>\n<p id=\"caption-attachment-2290396\" class=\"wp-caption-text\">Potential concept of the Roberts Bank Delivery Tank Terminal for the new Alberta-B.C. West Coast oil pipeline. (Government of Alberta)<\/p>\n<p>The pipeline\u2019s entire Roberts Bank terminal facility would span about 640 acres, including a brand-new additional causeway and jetty reaching the deep waters of the Strait of Georgia. The combined length of the causeway and jetty would be about five km \u2014 roughly the same length as the area\u2019s two existing jetties for the container terminal and BC Ferries\u2019 Tsawwassen terminal.<\/p>\n<p>There would be two offshore marine berths to support two Very Large Crude Carrier (VLCC) vessels, each with a capacity of between 1.9 million and 2.2 million barrels of crude oil. In contrast, the Aframax-size tankers that serve the Westridge Marine Terminal provide a capacity of about 750,000 barrels.<\/p>\n<p>About 320 acres \u2014 half of the overall terminal facility \u2014 would be used for an oil tank farm, with 15 tanks providing storage capacity for about 6.5 million barrels. In addition to the tank farm, there would be water retention ponds, a power substation, office, warehouse and storage buildings, and other supporting and safety infrastructure, including Western Canada Marine Response Corporation facilities.<\/p>\n<p>For comparison, Vancouver\u2019s Stanley Park is 1,000 acres in size. Trans Mountain Pipeline\u2019s Burnaby Mountain oil tank farm spans about 190 acres, with 26 tanks holding up to about 5.5 million barrels. The existing GCT Deltaport container terminal at Roberts Bank spans 210 acres \u2014 not including the adjacent Westhore coal export terminal on the same causeway \u2014 while the <a href=\"https:\/\/dailyhive.com\/vancouver\/roberts-bank-terminal-2-vancouver-fraser-port-authority-gct-partnership\" target=\"_blank\" rel=\"nofollow noopener\">Vancouver Fraser Port Authority\u2019s plan to build the brand-new Roberts Bank 2 container terminal<\/a> as a major extension of the existing port causeway would create about 450 acres of new land in the Strait of Georgia.<\/p>\n<p>The port authority is <a href=\"https:\/\/dailyhive.com\/vancouver\/roberts-bank-terminal-2-vancouver-fraser-port-authority-gct-partnership\" target=\"_blank\" rel=\"nofollow noopener\">expected to begin preliminary construction work on Roberts Bank 2 in 2027<\/a>, enabling the container terminal to begin operations in the mid-2030s. As part of Thursday\u2019s announcement, Prime Minister Carney committed unspecified significant federal funding for the Roberts Bank 2 project.<\/p>\n<p><img alt=\"Roberts Bank Terminal 2\" title=\"\" loading=\"lazy\" width=\"1418\" height=\"646\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-668011\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/port-of-vancouver-roberts-bank-terminal-2c.jpg\"\/><\/p>\n<p id=\"caption-attachment-668011\" class=\"wp-caption-text\">Concept of the Roberts Bank Terminal 2 container superport project. (Vancouver Fraser Port Authority)<\/p>\n<p><img alt=\"Roberts Bank Terminal 2\" title=\"\" loading=\"lazy\" width=\"1013\" height=\"546\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-668009\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/port-of-vancouver-roberts-bank-terminal-2a.jpg\"\/><\/p>\n<p id=\"caption-attachment-668009\" class=\"wp-caption-text\">Concept of the Roberts Bank Terminal 2 container superport project. (Vancouver Fraser Port Authority)<\/p>\n<p><img alt=\"Roberts Terminal\" title=\"\" loading=\"lazy\" width=\"1194\" height=\"728\" decoding=\"async\" data-nimg=\"1\" class=\"wp-image-668010 size-full\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/port-of-vancouver-roberts-bank-terminal-2b.jpg\"\/><\/p>\n<p id=\"caption-attachment-668010\" class=\"wp-caption-text\">The existing Tsawwassen causeway for the GCT Deltaport container terminal and Westshore coal export terminal. (Vancouver Fraser Port Authority)<\/p>\n<p><img alt=\"Roberts Bank Terminal\" title=\"\" loading=\"lazy\" width=\"1414\" height=\"602\" decoding=\"async\" data-nimg=\"1\" class=\"wp-image-668012 size-full\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/port-of-vancouver-roberts-bank-terminal-2d.jpg\"\/><\/p>\n<p id=\"caption-attachment-668012\" class=\"wp-caption-text\">The existing Tsawwassen causeway for the GCT Deltaport container terminal and Westshore coal export terminal. (Vancouver Fraser Port Authority)<\/p>\n<p><img alt=\"oil tanker size comparison\" title=\"\" loading=\"lazy\" width=\"1000\" height=\"985\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-2290400\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/oil-tanker-size-comparison.jpg\"\/><\/p>\n<p id=\"caption-attachment-2290400\" class=\"wp-caption-text\">Comparison of oil tanker sizes, with Westridge Marine Terminal in Burnaby accommodating Aframax-sized tankers and the proposed Roberts Bank Delivery Tank Terminal accommodating VLCC-sized tankers. (Clear Seas)<\/p>\n<p>Estimated construction cost of up to C$44 billion, with major construction work beginning in 2028<\/p>\n<p>The new pipeline would have the capacity to move one million barrels of oil per day, using a 42-inch-diameter pipe \u2014 larger than the 36-inch-diameter pipe used for the Trans Mountain expansion project, which was completed in 2024.<\/p>\n<p>In contrast, the existing Trans Mountain Pipeline currently has the capacity to move 890,000 barrels per day. This existing pipeline is intended to enable up to 34 oil tanker loadings per month at Westridge Marine Terminal \u2014 an average of one or two tankers per day in Burrard Inlet.<\/p>\n<p>Under the Canada-British Columbia Cooperative Prosperity Agreement, in addition to the new pipeline project, the B.C. government has also recognized the <a href=\"https:\/\/dailyhive.com\/vancouver\/bc-alberta-canada-new-oil-pipeline-agreement\" target=\"_blank\" rel=\"nofollow noopener\">federal government\u2019s intention to increase the capacity of the Trans Mountain Pipeline<\/a> to 1.19 million barrels per day through measures that improve oil flow by reducing drag.<\/p>\n<p>The entire project spearheaded by the Alberta provincial government carries a preliminary estimated cost of between C$35 billion and C$44 billion, including contingency. This covers both the new pipeline and the Roberts Bank Delivery Tank Terminal. It is anticipated the project\u2019s cost would be funded by a combination of private sector sources and certain government support.<\/p>\n<p>If all goes as planned, preliminary construction work could begin as early as Fall 2027. The project is being planned under a compressed and expedited timeline through the federal government\u2019s new Major Projects Office, which prioritizes projects of national significance. Following this week\u2019s proposal submission, the Alberta government is hoping the federal government will formally add this project to the \u201cProject of National Interest\u201d list in October 2026.<\/p>\n<p>Major construction would begin in September 2028, with full completion targeted for 2038. This means two separate major port terminal projects at Roberts Bank could be under construction during overlapping timelines over the coming years.<\/p>\n<p>A key hurdle relates to First Nations support, with early consultation deemed to be a priority. The pipeline passes through the traditional territories of up to 125 Indigenous groups, with the two pipeline corridor options crossing through nine to 11 First Nations reserves belonging to between five and seven First Nations for about 13 km to 14 km. As well, a portion of the westernmost end of the pipeline and part of the Roberts Bank Delivery Tank Terminal are located within the treaty lands of the Tsawwassen First Nation.<\/p>\n<p>About C$29 billion to C$38 billion in construction spending could result in a peak annual increase of almost 1.5 per cent in B.C.\u2019s real provincial GDP in the early 2030s. During construction, the project and related activity could increase Canada\u2019s real gross domestic product, with the impact peaking at about 0.4 per cent of national GDP in the early 2030s.<\/p>\n<p>The project is also expected to create a large number of jobs, particularly during the construction period. At the peak of construction in the early 2030s, the project could support up to about 140,000 jobs across Canada, including up to about 45,000 jobs in Alberta and 70,000 jobs in B.C. About 15 per cent of the total Canadian jobs would be generated in other provinces.<\/p>\n<p>According to the Alberta government\u2019s preliminary estimates, construction spending for the pipeline, the Roberts Bank export terminal, and related upstream activity could total between C$70 billion and C$81 billion between 2026 and 2038.<\/p>\n<p><img alt=\"roberts bank terminal 2 delta port 1\" title=\"\" loading=\"lazy\" width=\"1100\" height=\"468\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-2143913\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/roberts-bank-terminal-2-delta-port-1.jpg\"\/><\/p>\n<p id=\"caption-attachment-2143913\" class=\"wp-caption-text\">Artistic rendering of Roberts Bank Terminal 2 in Delta. (Vancouver Fraser Port Authority)<\/p>\n<p><img alt=\"Roberts Bank Terminal 2 Port of Vancouver\" title=\"\" loading=\"lazy\" width=\"1075\" height=\"557\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-1753237\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/Roberts-Bank-Terminal-2-Port-of-Vancouver-2.jpg\"\/><\/p>\n<p id=\"caption-attachment-1753237\" class=\"wp-caption-text\">Artistic rendering of Roberts Bank Terminal 2 in Delta. (Vancouver Fraser Port Authority)<\/p>\n<p><img alt=\"Roberts Bank Terminal 2 Port of Vancouver\" title=\"\" loading=\"lazy\" width=\"1075\" height=\"552\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-1753236\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/Roberts-Bank-Terminal-2-Port-of-Vancouver-3.jpg\"\/><\/p>\n<p id=\"caption-attachment-1753236\" class=\"wp-caption-text\">Artistic rendering of Roberts Bank Terminal 2 in Delta. (Vancouver Fraser Port Authority)<\/p>\n<p><img alt=\"Roberts Bank Terminal 2 Port of Vancouver\" title=\"\" loading=\"lazy\" width=\"1075\" height=\"555\" decoding=\"async\" data-nimg=\"1\" class=\"size-full wp-image-1753232\" style=\"color:transparent\"   src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/Roberts-Bank-Terminal-2-Port-of-Vancouver-f.jpg\"\/><\/p>\n<p id=\"caption-attachment-1753232\" class=\"wp-caption-text\">Artistic rendering of Roberts Bank Terminal 2 in Delta. (Vancouver Fraser Port Authority)<\/p>\n<p>Roberts Bank is located just west of the reserve of the Tsawwassen First Nation. Over a decade ago, the First Nation briefly considered a proposal put forward by their band leadership to build a Liquid Natural Gas (LNG) plant on an 80-acre waterfront site just northeast of the B.C. Ferries terminal.<\/p>\n<p>It would have the capacity to produce three to five million tonnes of LNG per year, which would be stored in three large tanks until the product is ready to be loaded onto LNG carriers for export at a new marine terminal at a new Roberts Bank deep water port. It would have been fed by a new 10-km-long pipeline to Fortis BC\u2019s natural gas supply.<\/p>\n<p>However, 53 per cent of the band\u2019s membership voted against the project, which prevented any further consideration of the proposal.<\/p>\n<p>Reducing the existence U.S. dependence<\/p>\n<p>The Alberta government is positioning the new oil pipeline as a way to reduce Canada\u2019s heavy reliance on the U.S. as its dominant oil export market.<\/p>\n<p>According to some estimates cited by the Alberta provincial government, Canada\u2019s oil sector lost out on US$49 billion between 2010 and 2025 due to wider price differentials caused by pipeline congestion and limited export options. In other words, Canadian oil was often sold at a discount because producers had fewer ways to get their product to markets beyond North America.<\/p>\n<p>The proposed pipeline is intended to reduce those losses by giving Canadian oil producers more direct access to overseas buyers, particularly in Asia.<\/p>\n<p>While the U.S. would remain as Canada\u2019s largest and most important oil export market, the Alberta government argues the new route to B.C.\u2019s coast would make Canada less vulnerable to market disruptions, trade disputes, policy changes, and political risks south of the border.<\/p>\n<p>The Alberta government also points to potential competition risks in the U.S. Gulf Coast market, including the possible recovery of Venezuelan heavy oil production, which could compete with Canadian crude for refinery demand.<\/p>\n<p>As well, the Alberta government notes that past political opposition to existing cross-border energy infrastructure, including Michigan\u2019s opposition to Enbridge Line 5, has already raised energy security concerns for Ontario and Quebec. The provincial government argues Canada needs more export options to reduce its exposure to future political changes in the U.S.<\/p>\n<p>The Alberta government has identified the pipeline as a priority because it believes the project could generate one of the largest economic benefits of any new nation-building project in Canada. It argues a new oil pipeline to tidewater would allow Alberta\u2019s oil reserves to reach growing Asian markets, attract new international investment, support high-paying jobs, and increase government revenues across the country.<\/p>\n<p>Beginning in the 2030s, increased oil production tied to the project could increase the nation\u2019s real GDP by more than 0.6 per cent per year by the 2040s. When broader household and business spending impacts are included, the overall economic lift could reach more than 0.7 per cent per year.<\/p>\n<p>For Alberta specifically, increased oil production in the 2030s could increase real provincial GDP by more than 3.5 per cent on average by the 2040s.<\/p>\n<p>The project could also narrow the price gap between Canadian heavy oil and the U.S. benchmark by up to US$3 per barrel by improving access to international markets. At its peak, this could increase Canadian income by up to 0.2 per cent of GDP annually.<\/p>\n<p>There would also be new local government revenue. Initial estimates suggest the project could generate about C$68 million in property taxes for local governments, including about C$17 million in Alberta and C$51 million in B.C. That amount is expected to grow significantly over the lifetime of the project.<\/p>\n<p>Once the pipeline and export terminal are operating, ongoing oil production, maintenance, and trade activity could support about 50,000 jobs per year.<\/p>\n<p>The Alberta government expects future customers for the crude transported by the pipeline to include buyers in China, South Korea, India, and Japan. It points to energy demand and refinery capacity in those countries as evidence that there would be strong long-term demand for Canadian crude.<\/p>\n<p>Overall, the case for the project by Premier Smith is that it would provide Canada with greater market diversification, improve returns for Canadian oil producers, strengthen national economic resilience, and give the country a stronger position in global energy markets during a period of heightened geopolitical and trade instability.<\/p>\n","protected":false},"excerpt":{"rendered":"On Thursday, Prime Minister Mark Carney announced the new Canada-British Columbia Cooperative Prosperity Agreement with the Government of&hellip;\n","protected":false},"author":2,"featured_media":779863,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194298],"tags":[49,48,55],"class_list":["post-779862","post","type-post","status-publish","format-standard","has-post-thumbnail","category-vancouver","tag-ca","tag-canada","tag-vancouver"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/779862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=779862"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/779862\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/779863"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=779862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=779862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=779862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}